Forex Career [All the Secrets]
Published: 22 October 2020 by Andrew
Often perceived as an easy way to make money, forex trading is actually quite complicated, albeit highly addictive. The Forex Career is probably the easiest and cheapest Trader Profession, but what do you need to get started?
OnlineTradingCourse.net has decided to guide you on the path necessary to become professionals in this market.
If you think this is a way to get rich in a short time then you are confused. Forex trading is a serious discipline and in order to pursue a professional career you need to know all aspects of this market.
To start a real career as a Forex trader, a few steps are required:
- Choose a commission-free broker
- Learn the basics of Forex
- Test the strategies learned on a Demo trading account
- Start with small investments
Below we have listed the best Forex brokers on the market, all strictly reliable and regulated like eToro, which we will examine in a specific paragraph:
Min. Deposit: 50€
Min. Deposit: 100€
Min. Deposit: 50€
Min. Deposit: 250€
Min. Deposit: 100€
72.30% of retail CFD accounts lose money
Min. Deposit: 250€
Forex Career meaning
The Forex market, with its incredible liquidity and access 24/24 7 days a week, has made the Forex profession popular, or the career of a trader operating on this market.
Making money with forex to the point of being totally autonomous has become the goal of many traders, but the preparation required to turn a hobby into a real profession should not be underestimated.
Even if anyone, thanks to a laptop or even a smartphone, could trade on the forex market, it does not mean that making a real profession out of it is easy.
Let’s start from the first step we saw in our introduction, evaluating how to start this career in the best way.
Forex Career: how to start
The first step that needs to be done to start a Forex Career concerns the choice of the broker to invest.
CFDs (contracts for difference) allow you to trade on numerous markets, including Forex, in a simple and very convenient way.
Obviously, not all CFD Brokers are suitable for these investments and to choose the best ones you need to check that they have at least 3 basic requirements:
- They must offer CFDs, contracts that allow you to trade both up and down (short selling)
- They don’t have to charge commissions
- They must have at least one license issued by CONSOB or CySEC
Best Broker to start a Forex Career
Starting from these characteristics we will help you choose the best Forex Brokers on the market.
Once you have chosen the intermediary, trading on Forex with a CFD Broker becomes very simple, it is enough:
- Buy the CFD of the exchange that interests you to make money from the price increase
- Sell the CFD of the foreign exchange you are interested in to profit from falling prices
When the price reaches the desired quotation, the transaction can be closed and any net profits collected, without commissions.
But what are the best Forex brokers on the market?
OnlineTradingCourse.net, a leading site in the evaluation of brokers, has carried out a series of tests on the main intermediaries and from these analyzes it emerged that the best online brokers to trade currency pairs are eToro and ForexTB.
Forex Career with eToro
eToro is certainly the most popular online broker in the world and its platform, so intuitive and easy to use, is ideal for the Forex market.
The over 10 million users together with the CONSOB license are a valid confirmation of the seriousness of this Broker.
The trading software, despite its simplicity, is suitable for trading like a professional, thanks to the numerous tools it offers to the investor.
Learn Forex thanks to Copy Trading
But what makes eToro the ideal choice for starting a Forex career is the ability to learn from more experienced traders.
eToro is the inventor of social trading, a community of investors who communicate with each other and exchange information and advice just like on a social network.
This allows even novice traders to trade with the support and advice of experienced investors.
The subsequent evolution of social trading has made it possible to learn the strategies put into practice by these experts.
In fact, eToro has patented Copy Trading, a system that allows you to make automatic investments by copying the market operations of the best traders in the world (on eToro) without additional costs.
To use Copy Trading you need to follow these steps:
- Register for free on eToro
- In the People section, choose the traders to copy, based on how much they earn.
- With a click, Copy Trading will copy the operations of the chosen traders into your account.
At that point, you will get the same returns as these trading experts (in proportion to the investment made), at no additional cost.
Your returns obviously depend on the traders you decide to copy, here are some of them below:
Click here and choose which trader to copy
Copy Trading, in addition to offering the possibility of making automatic investments, allows you to learn the trading strategies of the best investors in the world, all at no cost.
To successfully start your Forex profession, eToro Copy Trading is a fundamental step that will show you how true professionals operate.
Before investing money on eToro, you can practice with the free Demo account, where there is no risk, because here the money is virtual.Click here to sign up for free
For more details you can read our full review on eToro.
Forex Career with ForexTB
ForexTB is now a very popular broker that, as the name suggests, was born as an intermediary to negotiate on the currency markets.
The reliability of ForexTB is guaranteed by the CySEC license which allows this Broker to operate throughout Europe.
To get started, ForexTB allows you to choose between 2 trading platforms, both free:
- Metatrader 4 is a platform with numerous tools available, which meets the needs of the most experienced traders.
- The web platform is simple and accessible from any browser, without making any downloads.
Trading course to learn the Forex basics
We chose this Broker mainly for its training school. In fact, one of the reasons that made this broker famous is precisely the interest in improving the preparation of investors who use its platforms.
The training begins with a Trading Course considered among the best on the market. This ebook manages to enclose the basics of Forex and technical analysis in a very clear and comprehensive course.
The course is never too complicated, it always refers to a non-professional user who must be able to understand what he reads.
The course is free and to download it you need the link below:Click here and download the Trading Course for free
Once you have learned the basics of Forex from the Course, with ForexTB you can take a next step thanks to the Trading Signals that this Broker sends for free.
These indications are developed by the famous Trading Central and have a success rate of 70%. To receive the Signals for free, just use the official link below:Click here to get free trading signals
Read our ForexTB review for more information.
Forex Career: Features
Investing in Forex means following certain rules and learning some strategies. To start a real career in Forex, we invite you to examine the main characteristics of this market.
The Forex profession requires that you know at least the basics of this discipline and in the next paragraphs we will examine the main ones.
Low costs of the Forex Profession
Forex has very low costs, starting from the commissions which, if you decide to use CFD Brokers, are completely zeroed.
These brokers in fact earn only from the spread, a tiny difference between the buying and selling price of a currency pair.
Even the software with the forex charts and the tools to trade in real time (i.e. the trading platforms), are made available for free by the CFD Brokers we have examined in this guide.
Different trading styles fit in the Forex Career
The currency market is always open and this makes it adaptable to any forex strategy.
Not having a “stock market” that closes, but being an “over the counter” market, Forex is open 24 hours a day.
Forex market has high liquid assets
The liquidity of Forex is very high.
Liquidity is always a great advantage in investments because it avoids any manipulation. Not even a large bank is able to significantly move the price of a currency, because it would require a truly considerable investment, given the large number of market participants.
Consequently, the spreads are very tight and the costs to be incurred are very low.
The disadvantages of the stock market, with excessive peaks at the opening and closing of the markets, do not exist on forex.
Of course, important events also affect this market but in a less extreme way than equities and commodities.
Forex is a Free market
As we said, being an over-the-counter market operating all over the world, there is no central exchange or regulator for Forex.
Banks in various countries occasionally influence forex prices with changes in interest rates but these are quite rare events.
In other markets, however, a company can upset the price of its shares with a statement. Even in commodities, a large oil company, for example, can bring down the price of oil depending on the budgets it publishes.
Major currencies often exhibit large price swings. The high volatility offers enormous profit opportunities and is one of the greatest advantages of the Forex profession.
A Forex Career does not require large fortunes
Due to the tight spreads, you can easily start forex trading with extremely low starting capital.
The leverage, even if it is limited to 1:30 in Europe, still allows you to multiply your economic potential and therefore to trade as if you had a large capital even if in reality you have deposited only a few hundred Euros.
Available resources for Forex
The support provided to Forex traders is truly remarkable. We have seen that, thanks to the ForexTB trading course and eToro’s Copy Trading, you can learn all the secrets to become a true Forex professional.
This support is totally free if you choose the brokers that we have recommended.
A career as a forex trader can be profitable, flexible and highly engaging.
To become a professional you have to follow the right learning curve, you cannot “jump ahead”.
It is still online trading, which involves high risks, so follow the steps we have indicated in this guide. Start by choosing the Broker, follow the courses and indications provided by the intermediaries that we have proposed and test what you have learned on a Demo account.
Only after you have become familiar with the platform you are using in Demo, can you start investing on the real market, but gradually and with the right money management.
Even if the Forex profession does not require considerable capital, to be able to live on trading, however, you need a fair amount of money, or some time to grow your capital.
Here are the official links of the free Demo accounts offered by the best CFD brokers on the market:
- Access the eToro Demo account for free by clicking here
- Register on ForexTB and try the Demo account by clicking here
It is a career based on trading in the currency market, the Forex in fact.
To start a career as a Forex professional you need to follow the steps indicated in this guide.
No, Forex is commission-free and has low startup costs, so you can start with just a few hundred Euros.
The most suitable brokers for investing in Forex are eToro and ForexTB which, in addition to platforms suitable for this market, offer essential learning tools.